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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.
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SCIENCE: A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relationships. While the term science is often used in reference to the physical sciences, including chemistry, physics, and biology, it's also relevant to social sciences, including economics, sociology, and political science. The reason is that science is not really a subject, but a method of investigation--the scientific method. The scientific method is uses theories to derived hypotheses which are verified against real world data. See also | scientific method | verification | theory | hypothesis | principle | data | phenomenon | physical science | social science | economics |
Recommended Citation:SCIENCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: March 8, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: science
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NATIONAL INCOME The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy in the course of production. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported in the National Income and Product Accounts by the Bureau of Economic Analysis. The other two are personal income (PI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).
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Lombard Street is London's equivalent of New York's Wall Street.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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ATS
Automatic Transfer Service
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